STRAITS SETTLEMENTS BANKNOTES

 

Our offices around the world are hard at work putting the finishing touches on the April 2026 Hong Kong (SAR) Auction. As always, this sale includes a wide assortment of Chinese and Asian coins and paper money, as well as other selections from around the world. In the paper money section of the catalog, we will be offering selections from the William J. Pardee Collection, including two rarities from the Straits Settlements that are the subject of this blog.

The William J. Pardee Collection reflects more than six decades of disciplined, research-driven collecting guided by a lifelong interest in history and paper money. Built patiently over time, it balances broad geographic scope with focused depth in periods of political, military, and economic transition. Pardee's background shaped this approach. Born in New Haven, Connecticut, he served during World War II aboard the USS Wisconsin, later attending the U.S. Naval Academy and commissioning into the U.S. Air Force during its formative years. Extended overseas assignments, particularly in Japan during the 1950s and again from 1969 to 1974, exposed him to foreign currencies.

Living in Japan, and aided by his wife's fluency, Pardee immersed himself in local markets, specialty dealers, and regional shows. These years account for the major strengths of the collection, with a particular focus on Japanese, Chinese, and Southeast Asian materials. He sought notes with clear historical context, strong engraving, and ties to specific places, events, and monetary systems, while also valuing artistic merit. Research anchored every acquisition, supported by an extensive reference library, detailed handwritten ledgers, and decades of correspondence with major players in the field of world paper money.

Going through part of the collection (which was displayed on custom album pages with many neat decorative elements made by Mr. Pardee himself), two notes from the Straits Settlements immediately stood out to me. They are a 1925 50 Dollars (Pick-12) in PMG Choice Very Fine 35, and a 1927 100 Dollars (Pick-13) in PMG Very Fine 30 EPQ. Both notes are fresh, crisp, and much nicer than typical seen for the issue. While they are not the highest denominations issued, the rarity of the higher denominations means that for most collectors, these two values are the highest that can be acquired in issued format (the $1000 saw very limited use in everyday circulation, and the $10,000 was only used for interbank transfers).

Both notes share a similar uniface design. On the front is a small portrait of King George V, with a larger vignette of a Malayan Tiger at the center. Text is in English, Chinese, and Malay. The notes were first printed by Thomas de la Rue in England in 1916, with sporadic issues over the next decade. The 1927 issue is the final of the series, and after this series no more denominations above $10 were issued by the Government of the Straits Settlements. Not surprisingly, problem-free survivors are rare, and especially so with the ‘EPQ' designation. The tropical climate of the region and high contemporary value of these notes meant that they were used and abused, not saved for later generations of collection. As such, we must mention that for the $100, this is the second finest example graded with ‘EPQ,' and the finest with the 1927 date, as the only finer example is dated 1925. As such, for the specialist collector of the region, these two notes are not to be missed.

To read the complete article, see:
A Stunning Pair of Straits Settlements Banknotes from the William J. Pardee Collection (https://stacksbowers.com/a-stunning-pair-of-straits-settlements-banknotes-from-the-william-j-pardee-collection/)

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